Your SlideShare is downloading. ×
Governance of state-owned enterprises in Estonia
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Governance of state-owned enterprises in Estonia

1,012
views

Published on

Tarmo Porgand, Igaunijas Republikas Finanšu ministrijas Valsts aktīvu departamenta vadītāja pienākumu izpildītāja prezentācija konferencē ”Valsts un pašvaldību kapitālsabiedrības: rīcībpolitikas …

Tarmo Porgand, Igaunijas Republikas Finanšu ministrijas Valsts aktīvu departamenta vadītāja pienākumu izpildītāja prezentācija konferencē ”Valsts un pašvaldību kapitālsabiedrības: rīcībpolitikas meklējumi augošai vērtībai” 2011.gada 23.martā.

Published in: News & Politics

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,012
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide
  • SOE – 100% 30, between 50% and 99% 5, below 50% 5 Additionally quasy-corporations – State Forest Management Centre, Development Fund, Foundations – 29/67
  • SOEs 2009 Assets - 3 435 mln EUR Turnover - 1 163 mln EUR Profit - 168 mln EUR Foundations 2009: Assets - 871,5 mln EUR Turnover - 727,7 mln EUR Profit – 53,1 mln EUR
  • First separate act regulatind state participation in SOEs- 1995, updating 2004, incorporation to state assets act 2010
  • Transcript

    • 1. Governance of state-owned enterprises in Estonia Tarmo Porgand State assets department, ad v is e r
    • 2. Governance of state-owned enterprises in Estonia
      • Overview
      • Governance set-up
      • Future challenges
    • 3. Privatisation process
      • Main privatisation period 1990-2001
      • 1992 – privatisation of small retail and services enterprises
      • 1994 – more then 50% of domestic value added generated by privately owned enterprises
      • 1995 – 90% of non infrastructure enterprises privatised
    • 4. Privatisation and restructuring is continuing
    • 5. Financial summary (mln EUR)
    • 6. Governance set-up (1)
      • Decentralized ownership – 9 ministries and a for-profit state agency
      • Ministry of Finance – coordinating functions :
        • developing of governance principles;
        • consolidated reports;
        • coordination of Government decisions ;
        • ownership of minority holdings (less then 34%).
      • Ownership and regulatory functions are separated – independent regulatory authorities
    • 7. Governance set-up (2) Owner Number of SOEs Ministry of Economic Affairs and Communication 23 Ministry of Finance 6 Ministry of Environment 4 Ministry of Justice 1 Ministry of Defence 1 State Forest Management Centre 1 Ministry of Culture 1 Ministry of Agriculture 1 Ministry of Internal Affairs 1 Ministry of Social Affairs 1
    • 8. New State Assets Act
      • Tries to incorporate the principles of OECD guidelines
      • Main modifications:
        • No direct enforcement of state specific rules
        • Clearer statement of objectives and responsibilities
        • No direction rights outside common governance rules
        • Harmonizing the access to information for all shareholders
        • The SOEs have to follow the Corporate Governance Code and report on that
    • 9. Participation motives
      • State participates in SOEs generally in a case of market distortion or a strategic public interest:
        • it involves a big natural monopoly which is not yet sufficiently regulated by legislation or the market regulation is too weak to privatise;
        • the SOE performs/offers mainly public services;
        • optimisation of income.
    • 10. Reporting (1)
      • SOE
        • Quarterly financial statements on SOEs website and reporting to Ministry of Finance for states consolidated report
        • Annual reports in 4 months
        • Minutes of supervisory council to the shareholder and Ministry of Finance
    • 11. Reporting (2)
      • Shareholder
        • Annual reports to the Ministry of Finance about the performance and targets of SOEs
      • Ministry of Finance
        • Consolidated report on SOEs – presented to the Government, Parliament and State Audit Office
        • States consolidated annual report
    • 12. Topics for the Future
      • OECD – active participation in the process of design OECD guidelines
      • Profitability of SOEs – EVA?
      • In w h i c h SOEs state should continue as an owner
      • Who should represent the state in the supervisory councils